Many investors are unaware of all the fees they are paying on their superannuation fund. Though fee disclosure has improved significantly over recent years, investors need to pay close attention to the fees deducted from their super account. Unnecessary fees will reduce the final amount of your superannuation balance, and by the time you retire can result in the loss of hundreds of thousands of dollars. The product disclosure statement for each individual fund will outline all significant fees under the section "Fees and Other Costs", and fees should be quoted in absolute and percentage terms on your annual statement. Below are some of the typical fees on superannuation funds:

Fee	What it's for
Entry/Contribution fees	Charged on any initial and additional contributions you make to your fund as well as rollovers. They can be up to 5% of every contribution, regardless of whether it is a personal contribution or employer contribution. This fee is paid to your financial adviser or is retained by the super fund if you don't have one. Entry fees can be avoided through services like 2020 DIRECTINVEST who offer 100% entry fee rebate.
Withdrawal fee/ Termination fee	Your super fund may change a fee each time you make a partial withdrawal or when you close your account
Administration/Member Fee	Can be charged as a percentage of the investment or as a flat dollar amount, this covers the cost associated with general running of your fund.
Management fees	Chargers for the management of the underlying investments. The fees are declared by the super fund however these vary depending on the investment options and are in addition to any administration fees.
Performance fees	Usually a percentage based fee that may be charged by the underlying fund manager where they generate performance greater than agreed benchmarks. They are in addition to the standard management fees
Adviser service fees	When investing via a financial adviser they will charge an annual percentage based fee between 1% pa-2% pa for receiving ongoing advice, although in most cases it is paid to your adviser regardless if the ongoing service was provided or not. This fee is in addition to the fees charged by the super fund. Adviser service fees are unnecessary. 2020 DIRECTINVEST maintains that you should separate financial advice from product by paying a professional hourly fee for advice and execute your own investment decisions.

Other miscellaneous fees can include investment switching fees, buy/sell costs and brokerage charges if your super fund provides access to shares.

Investing in superannuation without unncessary fees
The majority of retail superannuation funds attract an entry fee 4% - 5%. These fees as well as unnecessary adviser fees can reduce your investment returns and ultimately how much you will have in retirement. 2020 DIRECTINVEST will rebate 100% of the entry fee on virtually any listed superannuation funds in Australia and we do not charge adviser service fees.

If you are paying entry fees on an existing superannuation fund, you can qualify for the entry fee rebate without charging your fund or switching the underlying investments. Simply nominate 2020 DIRECTINVEST as your investment broker using our Fund Broker Nomination Form and we will contact the fund manager and ensure that you superannuation account is coded for 100% rebate of all future entry fees. If you are not sure what fees you are currently paying please feel free to contact us and we will happily find out for you.